Opening Bank Accounts

iCare Super places no restrictions on your choice of bank accounts. You are free to choose any bank, financial institution, or credit union to open an SMSF bank account.

We recommend opening a bank account for your SMSF as soon as it is officially established.

How to Open an SMSF Bank Account

To open a bank account for your SMSF, most banks and financial institutions will typically require the following:

A signed trust deed
100 points of identification for the trustees (a driver’s license and passport are usually sufficient)

What Banks Should You Choose for Your SMSF?

When selecting a bank for your Self-Managed Super Fund (SMSF), consider the following factors:

Monthly Account Fees: Does the account charge a monthly fee?
Interest on Cash Balance: Will the account earn interest on the cash balance in your SMSF?
Payment Facilities: Does the account offer BPAY or direct debit services?

Based on our experience, many of our clients prefer ANZ Bank as their banking partner for SMSF accounts.

What Benefits Will You Enjoy with the ANZ V2 Plus Account?

The ANZ V2 Plus account offers several benefits for your SMSF, including:

No Monthly Fees: Enjoy an account free of monthly fees.
Competitive Interest Rates: Earn the ANZ V2 Plus Intermediary base rate plus an additional 0.15% p.a. Learn more here.
No Minimum Balance: There’s no minimum cash balance required.
Data Integration: Seamless integration with most SMSF accounting software.
Hassle-Free Account Setup: Open your account without visiting a branch; we can assist with the process, which typically takes 1-2 days.
Link to ANZ Internet Banking: Connect the account to your existing ANZ Internet Banking profile for easy access.

What You Need to Provide for Assistance in Opening SMSF Bank Accounts

If you need help opening a bank account for your SMSF, you will need to provide the following:

A certified copy of each SMSF trustee’s driver’s license or passport.

Once we receive these documents, we will send you the SMSF bank account application form for your signature. The account will typically be ready within 1-2 business days.

What is the Daily Limit on the ANZ V2 Plus Account?

The daily limit for ANZ Internet Banking is $25,000, and this cannot be increased due to built-in fraud and security controls.

If you need to transfer larger sums, you can:

Call ANZ’s call centre at 13 28 33 for a phone withdrawal, or
Submit an EFT withdrawal request to ANZ’s back office. Requests submitted before 11 a.m. will be processed the same day. You can email the request to V2Support@anz.com.

For more details, you can download the ANZ V2 EFT Withdrawal Form.

How to close the ANZ V2 Plus Account

Please complete this form v2-plus-account-closure-request, and email it to v2support@anz.com once finished.

Disclaimer

iCare Super and its related entities provide SMSF administration services only. We do not hold an Australian Financial Services Licence (AFSL) and do not provide financial product, investment, banking, insurance or credit advice.

Any information about SMSF bank accounts, including the ANZ V2 Plus Account, is general information only and does not take into account your personal objectives, financial situation or needs. You should consider obtaining independent advice from an AFSL-licensed financial adviser before making any financial product decision.

You are free to open your SMSF bank account with any Australian authorised deposit-taking institution (ADI). Opening an ANZ V2 Plus Account is entirely optional and is not required to use iCare Super’s services. Where requested, we can assist with the account application as an administrative service only.

If an ANZ V2 Plus Account is opened through iCare Super, we may receive an ongoing commission of up to 0.10% per annum of the account balance from ANZ. This commission is paid by ANZ and is not an additional fee charged directly to you.

Bank account features, fees, interest rates and terms may change without notice. Please refer to the ANZ’s Terms and Conditions and Financial Services Guide before making a decision.

Opening Bank Accounts

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